Eaton Vance

Risk-Managed Diversified Equity Income Fund

September 30, 2021

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 98.4%

Security	Shares		Value
Aerospace & Defense — 0.7%
Huntington Ingalls Industries, Inc.(1)		23,173	$	4,473,779
			$	4,473,779
Automobiles — 1.1%
General Motors Co.(1)(2)		131,319	$	6,921,824
			$	6,921,824
Banks — 7.0%
Bank of America Corp.(1)		352,021	$	14,943,291
JPMorgan Chase & Co.(1)		115,870		18,966,760
Wells Fargo & Co.(1)		239,465		11,113,571
			$	45,023,622
Beverages — 2.3%
Constellation Brands, Inc., Class A(1)		22,967	$	4,838,917
PepsiCo, Inc.(1)		66,150		9,949,622
			$	14,788,539
Building Products — 1.2%
Johnson Controls International PLC(1)		111,456	$	7,587,924
			$	7,587,924
Capital Markets — 2.8%
Charles Schwab Corp. (The)(1)		121,387	$	8,841,829
Goldman Sachs Group, Inc. (The)(1)		24,277		9,177,434
			$	18,019,263
Diversified Telecommunication Services — 1.8%
Verizon Communications, Inc.(1)		211,877	$	11,443,477
			$	11,443,477
Electric Utilities — 1.5%
NextEra Energy, Inc.(1)		121,388	$	9,531,386
			$	9,531,386
Electrical Equipment — 2.3%
Eaton Corp. PLC(1)		98,213	$	14,664,183
			$	14,664,183
Entertainment — 4.3%
Live Nation Entertainment, Inc.(1)(2)		65,108	$	5,933,292
Netflix, Inc.(1)(2)		16,179		9,874,691
Walt Disney Co. (The)(1)(2)		70,626		11,947,800
			$	27,755,783

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Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) — 2.5%
EastGroup Properties, Inc.(1)		56,279	$	9,377,770
Mid-America Apartment Communities, Inc.(1)		37,520		7,006,860
			$	16,384,630
Food Products — 1.0%
Mondelez International, Inc., Class A(1)		109,369	$	6,363,088
			$	6,363,088
Health Care Equipment & Supplies — 3.6%
Danaher Corp.(1)		54,072	$	16,461,680
Intuitive Surgical, Inc.(1)(2)		6,622		6,583,261
			$	23,044,941
Health Care Providers & Services — 2.3%
UnitedHealth Group, Inc.(1)		37,520	$	14,660,565
			$	14,660,565
Hotels, Restaurants & Leisure — 1.9%
Hilton Worldwide Holdings, Inc.(1)(2)		43,349	$	5,726,837
Starbucks Corp.(1)		62,901		6,938,609
			$	12,665,446
Household Products — 2.1%
Procter & Gamble Co. (The)(1)		96,007	$	13,421,779
			$	13,421,779
Insurance — 1.0%
MetLife, Inc.(1)		108,146	$	6,675,853
			$	6,675,853
Interactive Media & Services — 5.5%
Alphabet, Inc., Class C(1)(2)		13,242	$	35,294,035
			$	35,294,035
Internet & Direct Marketing Retail — 5.4%
Amazon.com, Inc.(1)(2)		10,685	$	35,100,652
			$	35,100,652
IT Services — 6.2%
Accenture PLC, Class A(1)		40,830	$	13,062,334
PayPal Holdings, Inc.(1)(2)		48,555		12,634,496
Visa, Inc., Class A(1)		65,108		14,502,807
			$	40,199,637

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Security	Shares		Value
Life Sciences Tools & Services — 3.8%
Charles River Laboratories International, Inc.(1)(2)		17,656	$	7,286,101
Thermo Fisher Scientific, Inc.(1)		20,967		11,979,076
Waters Corp.(1)(2)		14,346		5,125,826
			$	24,391,003
Machinery — 1.6%
Caterpillar, Inc.(1)		28,691	$	5,507,811
PACCAR, Inc.(1)		58,246		4,596,775
			$	10,104,586
Metals & Mining — 2.1%
Franco-Nevada Corp.(1)		58,486	$	7,597,917
Rio Tinto PLC ADR(1)		91,593		6,120,244
			$	13,718,161
Oil, Gas & Consumable Fuels — 2.5%
Chevron Corp.(1)		86,486	$	8,774,005
EOG Resources, Inc.(1)		90,035		7,227,109
			$	16,001,114
Pharmaceuticals — 2.2%
Eli Lilly & Co.(1)		40,650	$	9,392,183
Zoetis, Inc.(1)		25,381		4,927,467
			$	14,319,650
Road & Rail — 1.8%
CSX Corp.(1)		384,024	$	11,420,874
			$	11,420,874
Semiconductors & Semiconductor Equipment — 4.0%
Micron Technology, Inc.(1)		83,868	$	5,952,950
NVIDIA Corp.(1)		23,174		4,800,726
Texas Instruments, Inc.(1)		78,351		15,059,846
			$	25,813,522
Software — 11.4%
Adobe, Inc.(1)(2)		8,495	$	4,890,742
Intuit, Inc.(1)		27,588		14,884,002
Microsoft Corp.(1)		171,046		48,221,288
Palantir Technologies, Inc., Class A(1)(2)		242,775		5,836,311
			$	73,832,343

3

Security	Shares		Value
Specialty Retail — 2.4%
Best Buy Co., Inc.(1)		45,244	$	4,782,743
Lowe’s Cos., Inc.(1)		51,866		10,521,537
			$	15,304,280
Technology Hardware, Storage & Peripherals — 6.4%
Apple, Inc.(1)		292,432	$	41,379,128
			$	41,379,128
Textiles, Apparel & Luxury Goods — 2.3%
Capri Holdings, Ltd.(1)(2)		90,488	$	4,380,524
NIKE, Inc., Class B(1)		74,138		10,767,062
			$	15,147,586
Tobacco — 1.4%
Philip Morris International, Inc.(1)		93,800	$	8,891,302
			$	8,891,302
Total Common Stocks (identified cost $386,704,809)			$	634,343,955
Short-Term Investments — 0.8%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.05%(3)		4,965,489	$	4,965,489
Total Short-Term Investments (identified cost $4,965,489)			$	4,965,489
Total Purchased Put Options — 1.0% (identified cost $4,238,567)			$	6,479,995
Total Investments — 100.2% (identified cost $395,908,865)			$	645,789,439
Total Written Call Options — (0.1)% (premiums received $4,640,733)			$	(605,960	)
Other Assets, Less Liabilities — (0.1)%			$	(530,009	)
Net Assets — 100.0%			$	644,653,470

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

(1) Security (or a portion thereof) has been pledged as collateral for written options.

(2) Non-income producing security.

(3) Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of September 30, 2021.

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Purchased Put Options — 1.0%

Exchange-Traded Options — 1.0%

Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value
S&P 500 Index		118	$	50,828,972	$	4,360		10/1/21	$	618,320
S&P 500 Index		118		50,828,972		4,335		10/4/21		516,250
S&P 500 Index		119		51,259,726		4,300		10/6/21		480,760
S&P 500 Index		119		51,259,726		4,275		10/8/21		492,660
S&P 500 Index		118		50,828,972		4,245		10/11/21		446,040
S&P 500 Index		119		51,259,726		4,240		10/13/21		520,030
S&P 500 Index		120		51,690,480		4,220		10/15/21		531,600
S&P 500 Index		121		52,121,234		4,100		10/18/21		308,550
S&P 500 Index		119		51,259,726		4,160		10/20/21		476,595
S&P 500 Index		118		50,828,972		4,240		10/22/21		745,760
S&P 500 Index		118		50,828,972		4,250		10/25/21		814,790
S&P 500 Index		118		50,828,972		4,125		10/27/21		528,640
Total									$	6,479,995

Written Call Options — (0.1)%

Exchange-Traded Options — (0.1)%

Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value
S&P 500 Index		118	$	50,828,972	$	4,585		10/1/21	$	(590	)
S&P 500 Index		118		50,828,972		4,570		10/4/21		(1,475	)
S&P 500 Index		119		51,259,726		4,565		10/6/21		(3,272	)
S&P 500 Index		119		51,259,726		4,545		10/8/21		(6,843	)
S&P 500 Index		118		50,828,972		4,530		10/11/21		(10,325	)
S&P 500 Index		119		51,259,726		4,520		10/13/21		(18,445	)
S&P 500 Index		120		51,690,480		4,515		10/15/21		(27,600	)
S&P 500 Index		121		52,121,234		4,450		10/18/21		(130,680	)
S&P 500 Index		119		51,259,726		4,475		10/20/21		(96,390	)
S&P 500 Index		118		50,828,972		4,510		10/22/21		(56,640	)
S&P 500 Index		118		50,828,972		4,510		10/25/21		(65,490	)
S&P 500 Index		118		50,828,972		4,460		10/27/21		(188,210	)
Total									$	(605,960	)

Abbreviations:
ADR	-	American Depositary Receipt

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At September 30, 2021, the Fund had sufficient cash and/or securities to cover commitments under open derivative contracts.

The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund pursues a “collared” options strategy which consists of buying S&P 500 index put options below the current value of the index and writing S&P 500 index call options above the current value of the index with the same expiration. The strategy uses the premium income from the written call options to buy an equal number of put options. In buying put options on an index, the Fund in effect, acquires protection against decline in the value of the applicable index below the exercise price in exchange for the option premium paid. In writing index call options, the Fund in effect, sells potential appreciation in the value of the applicable index above the exercise price. The Fund retains the risk of lost appreciation, minus the premium received, should the price of the underlying index rise above the exercise price. Under normal market conditions, the Fund’s use of option collars is expected to provide a more consistent level of market exposure and market protection.

At September 30, 2021, the value of the Fund’s investment in affiliated funds was $4,965,489, which represents 0.8% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the fiscal year to date ended September 30, 2021 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	4,783,085	$	89,522,431	$	(89,340,030	)	$	3	$	—	$	4,965,489	$	2,177		4,965,489

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At September 30, 2021, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2		Level 3		Total
Common Stocks	$	634,343,955	*	$	—	$	—	$	634,343,955
Short-Term Investments		—			4,965,489		—		4,965,489
Purchased Put Options		6,479,995			—		—		6,479,995
Total Investments	$	640,823,950		$	4,965,489	$	—	$	645,789,439
Liability Description
Written Call Options	$	(605,960	)	$	—	$	—	$	(605,960	)
Total	$	(605,960	)	$	—	$	—	$	(605,960	)

* The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.

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